United Arab Emirates

Investment holding company Dubai Holding’s telecom business — Emirates International Telecommunications (EIT) — is looking to refinance a previous facility with a Dh2.1bn ($572m) club loan.

Chinese investors welcomed the first Panda bond issuer from the Middle East with caution this week. The government of the Emirate of Sharjah sold a Rmb2bn ($317.2m) three year bond in the upper half of the coupon range.

First Abu Dhabi Bank will follow Dubai Islamic Bank to the sukuk market as GCC banks look to tap into the enormous pool of Islamic liquidity in the region.

Dubai Islamic Bank took advantage of a quiet market to raise $1bn with a skinny new issue premium on Tuesday, opening the sukuk market for financial issuers from the Gulf.

Dubai Islamic Bank on Tuesday launched the first public dollar bond this year from the Middle East, though the region's banks have been busy funding in other markets.

The government of the Emirate of Sharjah is set to become the first issuer from the Middle East to enter the Panda market, after unveiling plans to raise Rmb2bn ($315.9m) from the onshore market.

Martin Weber, a Goldman Sachs managing director, is moving to Dubai to run the bank’s MENA financing group, with more hires planned to follow in the region.

Japanese banks have a spring in their step in the Middle East as they roll out expansion plans, but, asks David Rothnie, can they take on more established Western rivals?

Emaar Properties’ real estate development unit Emaar Development is expected to launch a loan soon to fund a development project in Dubai, according to a source close to the deal.

Dubai Islamic Bank, the largest Islamic bank in the UAE by total asset size, has mandated eight banks for a five year senior dollar sukuk. The deal could be the first bank bond from the Gulf Cooperation Council so far this year.

Dubai’s GEMS Education hosted a roadshow last week for a $1.25bn loan, which attracted a mix of local and international banks.

Mizuho International (MHI) is expanding its presence in the Middle East and has opened an office in the Dubai International Financing Centre (DIFC). The bank has moved over a DCM banker from London to head the team, and is eyeing further expansion.